Product Development Actuary – IUL
Minor Hotels Europe and Americas
full-time
Posted on:
Location Type: Office
Location: Minneapolis • Minnesota • United States
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Salary
💰 $140,000 - $240,000 per year
About the role
- Design and refine IUL products, including index crediting strategies, cap/participation structures, multipliers, fixed account design, riders, and survivorship variations.
- Build, enhance, and validate pricing models using advanced actuarial techniques, ensuring accurate representation of product behavior.
- Set and maintain assumptions for mortality, persistency, expenses, funding patterns, rider use, and index crediting performance.
- Develop pricing strategies that balance regulatory expectations, risk management considerations, and competitive market needs.
- Incorporate requirements related to Standard Nonforfeiture Law (SNFL), Sections 7702 and AG 49 into product and pricing models, ensuring compliant and sustainable design parameters.
- Conduct sensitivity testing, scenario modeling, and profitability analysis to evaluate product levers and support product positioning.
- Collaborate with Investments to assess the feasibility and sustainability of index strategies, including option‑budget and hedging considerations.
- Collaborate with Underwriting and Reinsurers to assess effectiveness and impacts of our underwriting practices.
- Monitor IUL market trends to guide product mix strategy, identify innovation opportunities, and ensure products stay competitive.
- Partner with Product, Distribution, and Marketing to align product designs with customer needs and sales strategies.
- Mentor actuarial staff on modeling, pricing frameworks, and IUL concepts.
- Utilization of artificial intelligence tools and resources (e.g. generative AI)
Requirements
- 11+ years actuarial experience with background in life product development, including IUL.
- Four-year degree required in Actuarial Science, Mathematics, Physics, Economics, Engineering, or related field.
- Fellowship in the Society of Actuaries (FSA).
- Expertise with actuarial modeling platforms and pricing methodologies.
- Ability to translate technical modeling insights into clear product strategy recommendations.
- Experience applying SNFL, 7702, and AG 49 requirements within product design, modeling, and pricing frameworks.
- Experience with underwriting program analysis and assessing impacts to mortality trends.
- Ability to work both independently and collaboratively, ensuring long‑term project success across cross‑functional teams.
- You must be legally authorized to work in the U.S. without requiring immigration sponsorship now or in the future.
Benefits
- a choice of comprehensive medical, dental and vision plan options
- flexible spending and health savings accounts
- tuition reimbursement
- student loan retirement program
- generous annual paid leave
- an outstanding 401(k) company match
- life insurance
- discounted amenities including an onsite health center, child development center, fitness facility, convenience store and two cafeterias.
- Employee Resource Groups, whose activities and advocacy contribute to an environment that is fair, caring, and inclusive.
Applicant Tracking System Keywords
Tip: use these terms in your resume and cover letter to boost ATS matches.
Hard Skills & Tools
actuarial modelingpricing methodologiessensitivity testingscenario modelingprofitability analysisindex crediting strategiescap/participation structuresmortality assumptionsfixed account designrider use
Soft Skills
collaborationmentoringindependent workcross-functional teamworkcommunicationstrategic thinkingproblem-solvinginnovation identificationcustomer alignmentproject management
Certifications
Fellowship in the Society of Actuaries (FSA)